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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________ 
FORM 10-Q
____________________________________________ 
(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to _____            
Commission File Number: 001-38902
____________________________________________ 
UBER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
____________________________________________________________________________ 
Delaware45-2647441
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1515 3rd Street
San Francisco, California 94158
(Address of principal executive offices, including zip code)
(415612-8582
(Registrant’s telephone number, including area code)
____________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.00001 per shareUBERNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of the registrant's common stock outstanding as of August 2, 2021 was 1,884,346,863.



UBER TECHNOLOGIES, INC.
TABLE OF CONTENTS
Pages
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
1


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:
the impacts of COVID-19 or other future pandemics on our business, results of operations, financial position and cash flows;
our ability to successfully defend litigation and government proceedings brought against us, including with respect to our relationship with drivers and couriers, and the potential impact on our business operations and financial performance if we are not successful;
our ability to successfully compete in highly competitive markets;
our ability to effectively manage our growth and maintain and improve our corporate culture;
our expectations regarding financial performance, including but not limited to revenue, potential profitability and the timing thereof, ability to generate positive Adjusted EBITDA, expenses, and other results of operations;
our expectations regarding future operating performance, including but not limited to our expectations regarding future Monthly Active Platform Consumers (“MAPCs”), Trips, Gross Bookings, and Take Rate;
our expectations regarding our competitors’ use of incentives and promotions, our competitors’ ability to raise capital, and the effects of such incentives and promotions on our growth and results of operations;
our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;
our anticipated capital expenditures and our estimates regarding our capital requirements;
our ability to close and integrate acquisitions into our operations;
anticipated technology trends and developments and our ability to address those trends and developments with our products and offerings;
the size of our addressable markets, market share, category positions, and market trends, including our ability to grow our business in the countries we have identified as expansion markets;
the safety, affordability, and convenience of our platform and our offerings;
our ability to identify, recruit, and retain skilled personnel, including key members of senior management;
our expected growth in the number of platform users, and our ability to promote our brand and attract and retain platform users;
our ability to maintain, protect, and enhance our intellectual property rights;
our ability to introduce new products and offerings and enhance existing products and offerings;
our ability to successfully enter into new geographies, expand our presence in countries in which we are limited by regulatory restrictions, and manage our international expansion;
our ability to successfully renew licenses to operate our business in certain jurisdictions;
the availability of capital to grow our business;
volatility in the business or stock price of our minority-owned affiliates;
our ability to meet the requirements of our existing debt and draw on our line of credit;
our ability to prevent disturbance to our information technology systems;
our ability to comply with existing, modified, or new laws and regulations applying to our business; and
our ability to implement, maintain, and improve our internal control over financial reporting.
Actual events or results may differ from those expressed in forward-looking statements. As such, you should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our
2


business, financial condition, operating results, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q speak only as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information, actual results, revised expectations, or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
3


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
As of December 31, 2020As of June 30, 2021
Assets
Cash and cash equivalents$5,647 $4,443 
Short-term investments1,180 560 
Restricted cash and cash equivalents250 324 
Accounts receivable, net of allowance of $55 and $52, respectively
1,073 1,201 
Prepaid expenses and other current assets1,215 1,255 
Assets held for sale517  
Total current assets9,882 7,783 
Restricted cash and cash equivalents1,494 1,687 
Collateral held by insurer860 724 
Investments (including amortized cost of debt securities of $2,281 and $2,281)
9,052 13,774 
Equity method investments1,079 1,097 
Property and equipment, net1,814 1,776 
Operating lease right-of-use assets1,274 1,238 
Intangible assets, net1,564 1,378 
Goodwill6,109 6,448 
Other assets124 346 
Total assets$33,252 $36,251 
Liabilities, redeemable non-controlling interests and equity
Accounts payable$235 $429 
Short-term insurance reserves1,243 1,221 
Operating lease liabilities, current175 177 
Accrued and other current liabilities5,112 5,857 
Liabilities held for sale100  
Total current liabilities6,865 7,684 
Long-term insurance reserves2,223 2,268 
Long-term debt, net of current portion7,560 7,798 
Operating lease liabilities, non-current1,544 1,513 
Other long-term liabilities1,306 1,244 
Total liabilities19,498 20,507 
Commitments and contingencies (Note 12)
Redeemable non-controlling interests787 1,569 
Equity
Common stock, $0.00001 par value, 5,000,000 shares authorized for both periods, 1,849,794 and 1,880,310 shares issued and outstanding, respectively
  
Additional paid-in capital35,931 35,588 
Accumulated other comprehensive income (loss)(535)681 
Accumulated deficit(23,130)(22,094)
Total Uber Technologies, Inc. stockholders' equity12,266 14,175 
Non-redeemable non-controlling interests701  
Total equity12,967 14,175 
Total liabilities, redeemable non-controlling interests and equity$33,252 $36,251 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands, and per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020202120202021
Revenue$1,913 $3,929 $5,161 $6,832 
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below924 2,099 2,415 3,809 
Operations and support582 432 1,085 855 
Sales and marketing736 1,256 1,621 2,359 
Research and development584 488 1,229 1,003 
General and administrative565 616 1,424 1,080 
Depreciation and amortization129 226 257 438 
Total costs and expenses3,520 5,117 8,031 9,544 
Loss from operations(1,607)(1,188)(2,870)(2,712)
Interest expense(110)(115)(228)(230)
Other income (expense), net(44)1,943 (1,839)3,653 
Income (loss) before income taxes and loss from equity method investments(1,761)640 (4,937)711 
Provision for (benefit from) income taxes4 (479)(238)(294)
Loss from equity method investments(7)(7)(19)(15)
Net income (loss) including non-controlling interests(1,772)1,112 (4,718)990 
Less: net income (loss) attributable to non-controlling interests, net of tax3 (32)(7)(46)
Net income (loss) attributable to Uber Technologies, Inc.$(1,775)$1,144 $(4,711)$1,036 
Net income (loss) per share attributable to Uber Technologies, Inc. common stockholders:
Basic$(1.02)$0.61 $(2.72)$0.56 
Diluted$(1.02)$0.58 $(2.72)$0.52 
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic1,738,897 1,875,156 1,731,632 1,866,830 
Diluted1,738,897 1,955,975 1,731,632 1,949,750 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020202120202021
Net income (loss) including non-controlling interests$(1,772)$1,112 $(4,718)$990 
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment(257)21 (405)54 
Change in unrealized gain (loss) on investments in available-for-sale securities8 6 (52)1,162 
Other comprehensive income (loss), net of tax(249)27 (457)1,216 
Comprehensive income (loss) including non-controlling interests(2,021)1,139 (5,175)2,206 
Less: comprehensive income (loss) attributable to non-controlling interests3 (32)(7)(46)
Comprehensive income (loss) attributable to Uber Technologies, Inc.$(2,024)$1,171 $(5,168)$2,252 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
Balance as of December 31, 2019$311 1,716,681 $ $30,739 $(187)$(16,362)$682 $14,872 
Exercise of stock options— 4,359 — 14 — — — 14 
Stock-based compensation— — — 285 — — — 285 
Issuance of common stock for settlement of RSUs— 8,917 — — — — — — 
Shares withheld related to net share settlement— (107)— (3)— — — (3)
Unrealized loss on investments in available-for-sale securities, net of tax— — — — (60)— — (60)
Foreign currency translation adjustment— — — — (148)— — (148)
Distributions to non-controlling interests(3)— — — — — (4)(4)
Net loss(18)— — — — (2,936)8 (2,928)
Balance as of March 31, 2020290 1,729,850  31,035 (395)(19,298)686 12,028 
Exercise of stock options— 3,106 — 8 — — — 8 
Stock-based compensation— — — 143 — — — 143 
Issuance of common stock under the Employee Stock Purchase Plan— 3,265 — 82 — — — 82 
Issuance of common stock for settlement of RSUs— 9,778 — — — — — — 
Shares withheld related to net share settlement— (42)— (1)— — — (1)
Unrealized gain on investments in available-for-sale securities, net of tax— — — — 8 — — 8 
Foreign currency translation adjustment— — — — (257)— — (257)
Distributions to non-controlling interests(3)— — — — — (5)(5)
Net loss(5)— — — — (1,775)8 (1,767)
Balance as of June 30, 2020$282 1,745,957 $ $31,267 $(644)$(21,073)$689 $10,239 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY
(In millions, except share amounts which are reflected in thousands)
(Unaudited)
Redeemable Non-Controlling InterestsCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitNon-Redeemable Non-Controlling InterestsTotal Equity
SharesAmount
Balance as of December 31, 2020$787 1,849,794 $ $35,931 $(535)$(23,130)$701 $12,967 
Reclassification of the equity component of 2025 Convertible Notes to liability upon adoption of ASU 2020-06— — — (243)— — (243)
Exercise of stock options— 3,518 — 35 — — — 35 
Stock-based compensation— — — 287 — — — 287 
Issuance of common stock for settlement of Careem Convertible Notes— 2,872 — 158 — — — 158 
Issuance of common stock as consideration for acquisition— 505 — 28 — — — 28 
Issuance of common stock for settlement of RSUs— 10,924 — — — — — — 
Shares withheld related to net share settlement— (244)— (14)— — — (14)
Recognition of non-controlling interest upon acquisition56 — — — — — — — 
Derecognition of non-controlling interests upon divestiture(356)— — — — — (701)(701)
Unrealized gain on investments in available-for-sale securities, net of tax— — — — 1,156 — — 1,156 
Foreign currency translation adjustment— — — — 33 — — 33 
Net loss(14)— — — — (108)— (108)
Balance as of March 31, 2021473 1,867,369  36,182 654 (23,238) 13,598 
Exercise of stock options— 2,454 — 40 — — — 40 
Stock-based compensation— — — 282 — — — 282 
Reclassification of share-based award liability to additional paid-in capital— — — 4 — — — 4 
Issuance of common stock under the Employee Stock Purchase Plan— 1,710 — 67 — — — 67 
Issuance of common stock for settlement of Careem Convertible Notes— 1,352 — 74 — — — 74 
Issuance of common stock for settlement of RSUs— 7,480 — — — — — — 
Shares withheld related to net share settlement— (55)— (3)— — — (3)
Recognition of non-controlling interest upon acquisition76 — — — — — — — 
Re-measurement of non-controlling interest1,052 — — (1,058)— — — (1,058)
Unrealized gain on investments in available-for-sale securities, net of tax— — — — 6 — — 6 
Foreign currency translation adjustment— — — — 21 — — 21 
Net income(32)— — — — 1,144 — 1,144 
Balance as of June 30, 2021$1,569 1,880,310 $ $35,588 $681 $(22,094)$ $14,175 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8


UBER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended June 30,
20202021
Cash flows from operating activities
Net income (loss) including non-controlling interests$(4,718)$990 
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization257 438 
Bad debt expense32 49 
Stock-based compensation408 553 
Gain on business divestitures(127)(1,684)
Deferred income taxes(282)(367)
Loss from equity method investments, net19 15 
Unrealized (gain) loss on debt and equity securities, net116 (1,975)
Impairment of debt and equity securities1,850  
Impairments of goodwill, long-lived assets and other assets297 16 
Unrealized foreign currency transactions13 (2)
Other25 62 
Change in assets and liabilities, net of impact of business acquisitions and disposals:
Accounts receivable517 (149)
Prepaid expenses and other assets141 (9)
Collateral held by insurer178 136 
Operating lease right-of-use assets137 77 
Accounts payable(10)185 
Accrued insurance reserves(8)21 
Accrued expenses and other liabilities(337)762 
Operating lease liabilities(42)(70)
Net cash used in operating activities(1,534)(952)
Cash flows from investing activities
Purchases of property and equipment(362)(128)
Purchases of marketable securities(1,012)(526)
Purchases of non-marketable equity securities(10)(857)
Purchase of note receivable(85)(218)
Proceeds from maturities and sales of marketable securities422 1,143 
Proceeds from sale of non-marketable equity securities 500 
Acquisition of businesses, net of cash acquired(1,346)(80)
Return of capital from equity method investee91  
Other investing activities(10)17 
Net cash used in investing activities(2,312)(149)
Cash flows from financing activities
Issuance of senior notes, net of issuance costs992  
Principal repayment on Careem Notes(891)(194)
Principal payments on finance leases(119)(108)
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan82 67 
Other financing activities(9)45 
Net cash provided by (used in) financing activities55 (190)
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Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents(175)5 
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents(3,966)(1,286)
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period12,067 7,391 
Reclassification from assets held for sale during the period 349 
End of period$8,101 $6,454 
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents$6,754 $4,443 
Restricted cash and cash equivalents-current 123 324 
Restricted cash and cash equivalents-non-current1,224 1,687 
Total cash and cash equivalents, and restricted cash and cash equivalents$8,101 $6,454 
Supplemental disclosures of cash flow information
Cash paid for:
Interest, net of amount capitalized$211 $216 
Income taxes, net of refunds58 51 
Non-cash investing and financing activities:
Finance lease obligations131 83 
Ownership interest received in exchange for the divestitures171 1,018 
Conversion of convertible notes to common stock 232 
Issuance of Careem Notes including the holdback amount1,634  
The accompanying notes are an integral part of these condensed consolidated financial statements.
10


UBER TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Description of Business and Summary of Significant Accounting Policies
Description of Business
Uber Technologies, Inc. (“Uber,” “we,” “our,” or “us”) was incorporated in Delaware in July 2010, and is headquartered in San Francisco, California. Uber is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. Uber develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). Uber connects consumers (“Rider(s)”) with independent providers of ride services (“Mobility Driver(s)”) for ridesharing services, and connects Riders and other consumers (“Eaters”) with restaurants, grocers and other stores (collectively, “Merchants”) with delivery service providers (“Couriers”) for meal preparation, grocery and other delivery services. Riders and Eaters are collectively referred to as “end-user(s)” or “consumer(s).” Mobility Drivers and Couriers are collectively referred to as “Driver(s).” Uber also connects consumers with public transportation networks. Uber uses this same network, technology, operational excellence and product expertise to connect shippers with carriers in the freight industry. Uber is also developing technologies that will provide new solutions to solve everyday problems.
Our technology is used around the world, principally in the United States (“U.S.”) and Canada, Latin America, Europe, the Middle East, Africa, and Asia (excluding China and Southeast Asia).
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K.
In the opinion of management, these financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, comprehensive loss, cash flows and the change in equity for the periods presented.
There have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 1, 2021 that have had a material impact on our condensed consolidated financial statements and related notes, except for an update reflecting the new accounting standard related to debt with conversion and other options.
In March 2020, the World Health Organization declared the outbreak of the coronavirus disease COVID-19 (“COVID-19”) a pandemic. COVID-19 continues to impact market and economic conditions globally. The evolving nature of COVID-19 pandemic and the extent of its impact across industries and geographies, including the duration of the spread of the outbreak and any resurgences of the outbreak or variants of the virus, continue to be uncertain and cannot be predicted. Therefore, the results of operations for the three and six months ended June 30, 2020 and 2021 may not be indicative of the results to be expected for subsequent quarters and full fiscal years.
Basis of Consolidation
Our condensed consolidated financial statements include the accounts of Uber Technologies, Inc. and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated. Refer to Note 13 – Variable Interest Entities for further information.
Use of Estimates
The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions which management believes are reasonable under the circumstances. On an ongoing basis, management evaluates estimates, including, but not limited to: the incremental borrowing rate (“IBR”) applied in lease accounting; fair values of investments and other financial instruments (including the measurement of credit or impairment losses); useful lives of amortizable long-lived assets; fair value of acquired intangible assets and related impairment assessments; impairment of goodwill; stock-based compensation; income taxes and non-income tax reserves; certain deferred tax assets and tax liabilities; insurance reserves; and other contingent liabilities. These estimates are inherently subject to judgment and actual results could differ from those estimates. The level of uncertainties and volatility in the global financial markets and economies resulting from the pandemic as well as the uncertainties related to the impact of the pandemic on us and our investees' operations and
11


financial performance means that these estimates may change in future periods, as new events occur and additional information is obtained.
Certain Significant Risks and Uncertainties - COVID-19
Various governments continue to implement restrictions, including business activities and travel restrictions, that have had an adverse impact on our business and operations by reducing, in particular, the global demand for Mobility offerings. COVID-19 has produced uncertainty around the world and it is not possible to predict the COVID-19 pandemic’s cumulative and ultimate impact on our future business operations, results of operations, financial position, liquidity, and cash flows. The extent of the impact of the pandemic on our business and financial results will depend largely on future developments, including the duration of the spread of the outbreak and any resurgences of the outbreak or variants of the virus, both globally and within the United States, the administration, adoption and efficacy of vaccines in the United States and internationally, the impact on capital, foreign currencies exchange and financial markets, governmental or regulatory orders that impact our business and whether the impacts may result in permanent changes to our end-users’ behavior, all of which are highly uncertain and cannot be predicted.
Recently Adopted Accounting Pronouncements
In January 2020, the FASB issued ASU 2020-01, “Investments-Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815,” which clarifies the interaction of the accounting for equity investments under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. We adopted the new standard on January 1, 2021 on a prospective basis. The adoption of the new standard did not have a material impact on our condensed consolidated financial statements.
In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which reduced the number of models used to account for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that would have previously been accounted for as derivatives and modifies the diluted earnings per share calculations for convertible instruments. We early adopted the new standard on January 1, 2021 on a modified retrospective basis. Refer to Note 6 – Long-Term Debt and Revolving Credit Arrangements for the impact of adoption on our 2025 Convertible Notes and Note 10 – Net Income (Loss) Per Share for the impact on our earnings per share calculation.
Recently Issued Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients and exceptions to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. The standard is effective upon issuance through December 31, 2022 and may be applied at the beginning of the interim period that includes March 12, 2020 or any date thereafter. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.

Note 2 – Revenue
The following tables present our revenues disaggregated by offering and geographical region. Revenue by geographical region is based on where the transaction occurred. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2020202120202021
Mobility revenue$787 $1,618 $3,254 $2,471 
Delivery revenue886 1,963 1,412 3,704 
Freight revenue211 348 410 649 
All Other revenue29  85 8 
Total revenue$1,913 $3,929 $5,161 $6,832 
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Three Months Ended June 30,Six Months Ended June 30,
2020202120202021
United States and Canada$1,125 $1,984 $3,200 $3,833 
Latin America ("LatAm")213 307 691 609 
Europe, Middle East and Africa ("EMEA")358 929 831 1,154 
Asia Pacific ("APAC")217 709 439 1,236 
Total revenue$1,913 $3,929